Saab Aircraft Leasing Places 18 Aircraft During 2003

Press release

27 January 2004

Saab Aircraft Leasing (SAL) ended the year 2003 pleased to report a widespread of Saab aircraft transactions. Demand for used "quality"turboprop aircraft is still strong, particularly in Europe which may inpart account for the appearance that RJ activity in Europe seems to havepeaked.

SAL placed 18 aircraft during last year including five Saab 2000s and 13Saab 340s (See attached Appendix for details), proving its continuingappeal to new as well as existing operators. A total of eight newcustomers joined the Saab family during 2003. These include: City-Air(Germany), Eastern Airways (UK), Fina Air (Puerto Rico, USA), Lagunair(Spain), Murray (USA), Norse Air (South Africa), QuebecExpress (Canada),and Soder (Finland).

An exclusive remarketing agreement with Bank of America was alsoestablished giving SAL responsibility for all Saab 340 marketingactivities on behalf of BofA. In the first transaction under the newagreement, SAL leased a BofA Saab 340A to regional operator Fina Air inPuerto Rico. Additional business transacted during 2003 brought thetotal number of Saab transactions worldwide to 42.

"We believe the transactions during 2003 continue to show a goodactivity level for this type of aircraft," said Michael Magnusson,President and CEO of Saab Aircraft Leasing. "Of these transactions,Saab Aircraft Leasing was responsible for almost half of the totalnumber. The worldwide fleet of Saab 340s and Saab 2000s is approximately500 units."

Saab Aircraft Leasing manages a portfolio of 289 Saab 340 and Saab 2000aircraft leased to 25 customers in 13 countries. With 35 employees, thecompany's head office is in Washington, DC and has regional offices inStockholm, Sweden; Tokyo, Japan. SAL is part of the Saab AviationServices Business Unit of Saab AB.

Saab is one of the world's leading high-technology companies, with itsmain operations focusing on defence, aviation and space. The groupcovers a broad spectrum of competence and capabilities in systemsintegration.

-Aerocentury leased two Saab 340As to Fina Air (Puerto Rico)-Skyways leased one Saab 340A to Air Nelson in New Zealand-Norse Air in South Africa purchased four Saab 340Bs from Shangdong in China-City Air in Germany purchased one Saab 340B from Swiss (Crossair)-Golden Air purchased one Saab 340A from Compass in US-Private investor group in Sweden purchased two Saab 340As in US-Lagunair in Spain leased three Saab 340As from 340 Leasing-REX purchased one Saab 340A from Ansett administrators-QuebecExpress leased two Saab 340As from Bank of America and one from CIT-Swiss leased four Saab 2000s to Carpatair (Romania)-Swiss leased two Saab 2000s to Swedline (Sweden)

In total 42 Saab transactions were completed worldwide during 2003.

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